TORONTO, May 2, 2019 /CNW/ - Excellon Resources
Inc. (TSX:EXN and OTC:EXLLF) ("Excellon" or the
"Company") is pleased to announce first quarter 2019
production results from the Platosa Mine in Durango, Mexico.
Highlights
- Q1 2019 Production (compared to Q1 2018)
-
- Silver equivalent ("AgEq") production increased 8% to
522,261 oz (Q1 2018 – 482,079 AgEq oz)
- Silver production increased 34% to 260,445 oz (Q1 2018 –
194,462 oz)
- Lead production increased 8 % to 1.4 million lb (Q1 2018 –
1.3 million lb)
- Zinc production decreased 2% to 2.2 million lb (Q1 2018 –
2.3 million lb)
- Strong mine production of over 20,000 tonnes at 223 tonnes
per day ("tpd"), a 20% increase relative to Q4 2018 and 46%
increase relative to Q1 2018
"We had strong first quarter production, averaging 223 tpd for
the quarter and 256 tpd for March, in particular, with improved
head grades," stated Brendan Cahill,
President and Chief Executive Officer. "The initial mill upgrades
completed by late March showed promising results with record
recoveries at higher processing rates, with lead at 82-85%, zinc at
84-87% and silver at 91-93% at a rate of 400+ tpd. Further
modifications are expected to be completed in Q2. As milling
operations were paused for these upgrades, we had a significant
stockpile at quarter-end of over 2,800 tonnes of high-grade ore,
which was processed early in Q2. Additionally, delivery of 1,000
tonnes of concentrate slipped into early Q2. Both of these factors
will be reflected in our financial results, but the operation has
improved dramatically and we're set for a strong Q2."
Production Results
|
Q1
2019
|
Q1
2018
|
Tonnes
Mined
|
20,083
|
13,784
|
Ore processed
(t)
|
16,769
|
13,021
|
Historical
stockpile processed (t)
|
1,450
|
5,864
|
Tonnes
Milled
|
18,219
|
18,885
|
Ore
grades
|
Silver
(g/t)
|
534
|
441
|
Lead
(%)
|
5.01
|
4.78
|
Zinc
(%)
|
8.00
|
8.24
|
Historical
stockpile grades
|
Silver
(g/t)
|
123
|
176
|
Lead
(%)
|
1.22
|
1.60
|
Zinc
(%)
|
1.44
|
2.40
|
Blended head
grades
|
Silver
(g/t)
|
502
|
359
|
Lead
(%)
|
4.71
|
3.79
|
Zinc
(%)
|
7.48
|
6.43
|
Recoveries
|
Silver
(%)
|
89.7
|
87.3
|
Lead
(%)
|
74.6
|
81.2
|
Zinc
(%)
|
78.1
|
83.8
|
Metal
Production*
|
Silver
(oz)
|
260,445
|
194,462
|
Lead
(lb)
|
1,376,423
|
1,275,418
|
Zinc
(lb)
|
2,209,624
|
2,253,449
|
AgEq
(oz)**
|
522,261
|
482,079
|
Average Realized
Prices
|
Silver
($)
|
15.45
|
16.49
|
Lead
($)
|
0.92
|
1.10
|
Zinc
($)
|
1.26
|
1.48
|
|
*
Subject to adjustment following settlement with concentrate
purchaser.
|
** AgEq ounces
established using average realized metal prices during the period
indicated applied to the recovered metal content of
concentrates.
|
During Q1 2019, production continued to improve over previous
quarters as multiple ore faces were accessed in the Rodilla, Pierna
and 623 mantos. Operations also improved as optimized drill and
blast patterns minimized dilution and increased head grades. As a
result, average ore produced increased to 223 tpd in the quarter
and 256 tpd in March. Development has progressed to the next
production horizons in levels 924 in Manto Pierna and 928 in Manto
623 with production expected to continue at a steady rate.
As previously disclosed, milling operations at the
Miguel Auza processing facility
were paused in January for upgrades and recoveries were
impacted during the testing and implementation phase. Commissioning
was completed in late February with minor adjustments ongoing in
preparation for the bulk sample program for Hecla's San Sebastian Mine. During March, the
facility successfully achieved a steady rampup, processing 400 tpd
at higher than historical recoveries. Though much of the stockpile
was milled, approximately 2,875 tonnes of fresh ore remained at the
end of the quarter and was processed during April. Additionally,
due to scheduling, 1,000 tonnes of concentrate was in stockpile or
transit as of March 31st
and delivered in April.
The Company expects to release first quarter financial results
at market close on May 9, 2019.
Qualified Persons
Denis Flood, P. Eng., Vice
President Technical Services, has acted as the Qualified Person, as
defined in NI 43-101, with respect to the disclosure of the
scientific and technical information relating to production results
contained in this press release.
About Excellon
Excellon's 100%-owned Platosa Mine has been Mexico's highest-grade silver mine since
production commenced in 2005. The Company is focused on optimizing
Platosa's cost and production profile, discovering further
high-grade silver and carbonate replacement deposit (CRD)
mineralization on the 21,000 hectare Platosa Project and epithermal
silver mineralization on the 100%-owned 45,000 hectare Evolución
Property, and capitalizing on current market conditions by
acquiring undervalued projects in the Americas.
Additional details on the La Platosa Mine and the rest of
Excellon's exploration properties are available at
www.excellonresources.com.
Forward-Looking Statements
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content
of this Press Release, which has been prepared by management. This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 27E of the
Exchange Act. Such statements include, without limitation,
statements regarding the future results of operations, performance
and achievements of the Company, including potential property
acquisitions, the timing, content, cost and results of proposed
work programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, proposed
production rates, potential mineral recovery processes and rates,
business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, significant downward
variations in the market price of any minerals produced, the
Company's inability to obtain any necessary permits, consents or
authorizations required for its activities, to produce minerals
from its properties successfully or profitably, to continue its
projected growth, to raise the necessary capital or to be fully
able to implement its business strategies. All of the Company's
public disclosure filings may be accessed via www.sedar.com and
readers are urged to review these materials, including the
technical reports filed with respect to the Company's mineral
properties, and particularly the September
7, 2018 NI 43-101 technical report prepared by SRK
Consulting (Canada) Inc. with
respect to the Platosa Property. This press release is not, and is
not to be construed in any way as, an offer to buy or sell
securities in the United States.
SOURCE Excellon Resources Inc.